DUBAI, Jan 2 (Reuters) - Gulf stock markets were mixed on Monday as most reopened after the New Year, with Oman falling after the release of an austere state budget for 2017. Egypt edged down although foreign investors remained net buyers of stocks.

Qatar edged down 0.1 percent. Islamic bank Masraf Al Rayan dropped that much after saying it would suspend its brokerage business, Al Rayan Financial Brokerage Co. It said the brokerage’s paid-up capital represented just 0.06 percent of the bank’s total assets.

Oman dropped 0.8 percent after the government released a 2017 budget plan on Sunday that projected a smaller deficit but included fresh austerity steps and tight curbs on spending because of low oil prices.

Oman Telecommunications lost 2.1 percent after tumbling 4.3 percent on Sunday in response to an increase in the royalty that it must pay the government. Rival Ooredoo Oman fell 2.0 percent after plunging 7.9 percent on Sunday.

In Egypt, the index pulled back 0.4 percent but exchange data showed non-Arab foreign investors remained net buyers of stocks by a small margin, continuing a streak that began with the floating of the Egyptian pound on Nov. 3.

Investment firm Qalaa Holdings was the most heavily traded stock, shooting up 9.7 percent to 1.13 pounds in its largest daily volume since it listed in late 2009.

The stock has been in a downtrend for several years from a peak of 5.45 pounds in 2014, but it may now be reversing that trend. Its surge in the past two days triggered a reverse head & shoulders pattern formed by the highs and lows since June and pointing up to around 1.40 pounds.